Nigeria's Debt Reaches Critical Point, Speaker Warns of Fiscal Strain

The Speaker of the House of Representatives, Abbas Tajudeen, has raised concerns over Nigeria's escalating debt, stating it has reached a "critical point" surpassing the country's constitutional threshold. Speaking at the 11th Annual Conference of the West Africa Association of Public Accounts Committees, Abbas disclosed that Nigeria's total public debt stood at $97 billion in the first quarter of 2025, significantly higher than in 2024.

He warned that the country's debt ratio has breached the 40% ceiling set by law, now at 52%, risking fiscal sustainability. Abbas emphasized the need for transparent borrowing reforms to ensure borrowed funds yield measurable social and economic returns, proposing a West African Parliamentary Debt Oversight Framework.